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BingX banned withdrawals after a suspected cyber assault on its hot wallet, with blockchain researchers predicting $40 million in damages.
Singapore-based crypto exchange BingX has halted withdrawals after detecting a potential cyber assault on its hot wallet. Blockchain researchers estimate damages exceeding tens of millions of dollars. According to BingX's chief product officer, Vivien Lin, the breach happened at about 4 a.m. Singapore time on Sept. 20, triggering an “emergency plan.”
At around 4am 20 Sep Singapore time, our technical team detected abnormal network access, suspecting a hacker attack on BingX's hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss,…
— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
The exchange moved its funds to safe places, according to Lin. The exchange informed customers that the majority of its assets are kept in cold wallets, which were unaffected by the hack, but said that the damage is still being estimated. Although Lin does not know the precise scope of the attack, there was a "minor asset loss."
However, PeckShield, a blockchain forensic company, said that the breach may be more serious, estimating that the hacker had already transferred around $26.68 million in assets, including Ethereum Ethereum eth 4.58% Ethereum and Binance Coin 2.89% BNB. Not too long later, another $16.5 million was allegedly taken out of the platform. The stolen money was linked to two wallet addresses by analysts, who calculated that the whole loss was more than $43 million. Lin stressed that BingX anticipates withdrawals will start up again in a day and that it will "fully compensate" for any losses with its funds. The business emphasized that its multilayer asset management system keeps customer cash safe and that trading services are operating as normal.
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